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The average crypto winter lasts between 24 to 27 months and we are only 10 months in and no where near the bottom.

No where near the bottom.

Anyone been keeping a close eye on the global crypto conference taking place?

All the biggest respected promotors of BTC are saying $10k is incoming, then next level below will be $6k and when the promised digital currency regulations pass in the USA then BTC could be quickly back sub $1k

Wherever it bottoms out, over the next 18mths it's going to be significantly lower than the present levels and will be lagging behind almost all other asset classes once the recover in the wider markets starts to take shape further draining what funds are left in this sector

The one thing all the experts have gone on the record to state the benefits of a bear market and crypto winter combined with the incoming regulations to all digital currency related stocks is that it will wipe out all the scammers in this sector which is to be welcomed.

From memory the polymetal offices HQ in Cyprus is in the same building as the Chesterfield offices.

Sure a suitable arrangement can be reached.

Benefit to both parties as CHF get the cash they desperately need and good profile for POLY who have been keen to reduce their country risks to Russia so growing their exploration exposure into other regions would result in a win win imo.

Is looking that way now

Formerlly 'key individuals' now fleeing the company. US lawyers instructed by disgruntled shareholders to pursue a class action lawsuit against ARGO which will involve a full drains up on the company and the infamous'land deal' which I recall more learned posters screaming on here would eventually come back to haunt the company for waiving it through. Mounting losses month on month, falling BTC resulting in a non viable business model.

Not looking good.

Given the previous support from Poly Maybe CHF could give Polymetal 50% of Canada at the project level with the option to move it to 75% in a few tranches subject to further cash payments and just let CHF organise the rigs and crack on.

That might be wishful thinking, but stranger things have happened.

Noticed a few speculative trades today, chart not looking too clever though.

Would poly be more likely to write off their initial investment here or provide abit more support which the company could then build from.

I wonder if there were any additional options to draw down further funding from Poly?

Some communication from the BoD wouldn't go a miss.

If we hear nothing just presume everything has been mothballed until market conditions improve.

Really they shouldn't be taking wages If that's the case, but if they are, why aren't they buying any shares down here at firesale prices?

Bitcoinbuyer - what's going on here?

Good to see some of the long term posters on here still keeping the faith.

Yes, remember the days when aerial and MrNation were on here and Nation was forever calling this as a 'nailed on 10 x bagger' once properly up and running. Bens Creek managed it..

Could EDL be about to see similar success.

Massive potential here if they can deliver

GLA

Hi Hexam

I read your previous post as "what am I missing?'

In fairness not much, as they certainly do require $40m to get through the next year at the present BTC price.

As you say, If they don't get the cash, it's all over.

Even If they get the cash and BTC drops to $10k they will have to raise again within a few months and who knows what the market conditions will be at that stage.

Not investable at present, but traders will no dount exploit the opportunities this present uncertainty creates.

GLA

@Hexam

Scroll down to the financial sectio to see the ongoing monthly losses highlighted

The gross margin stated has eroded spectacularly since the half year report which was also heavily loss making. The net margin is actually horrendously negative!

results for the six months to 30 June 2022.
Financial Highlights

? Total number of Bitcoin and Bitcoin Equivalent ("BTC") mined during H1 2022 was 939, a 6% increase over the BTC mined in H1 2021

? Revenues of £26.7 million ($32.5 million), a decrease of 14% from H1 2021, driven primarily by a decrease in Bitcoin price and an increase in the global hashrate and associated network difficulty level

? Adjusted EBITDA of £17.1 million ($20.9 million), a decrease of 28% from H1 2021

? Mining margin of 71%, down from 81% in H1 2021. Similar to revenue, this decrease is largely attributable to the decrease in Bitcoin price and an increase in network difficulty

----v IMPORTANT BIT v----
? Pre-tax loss of £36.9 million ($44.9 million), driven primarily by a non-cash reduction in the fair value of digital currencies held on the balance sheet

? Total number of BTC held at 30 June 2022 was 1,953, a 54% increase from 1,268 BTC held at 30 June 2021

Their HODL has evaporated, they are having to sell machines to raise cash to fund the next few months operation imo after that if the placing funds don't materialise.. what do you think is going to happen??

"Never become emotionally attached to a share."

Especially one that's loss making and rapidly running out of cash!!

RMM made a similar funding need announcement to the market a month ago and were trading at 21p at the time.

They are now sub 5p and still no signs of a conclusions of funding announcement.

Not easy markets for those companies needing to raise cash to remain a going concern.

Suspect plenty of miners with high costs and negative revenues will go under in this crypto winter.

If the model worked there would be loads of new entrants.

There just isn't, as sadly the economics just don't stack up at present and investors are becoming far more wiser to the economics of both the high cost of entry, high mining cost of circa $40k per BTC and high ongoing cap ex requirements meaning regular cash calls are likely when machines require either expansion or upgrade.

Really feel for those trapped in here, sadly averaging down rarely works when the the rest of the market is happy to remain in cash and either wait for the certainty of a placing to land (at whatever price that may be) or for the more risk adverse wait for the next BTC bull run when the miners still operating at that time may stand a better chance of actually turning a profit.

GLA

Anyone who has maintained a 'long only' strategy on anything bitcoin related over the past year has taken a real kicking.

Did similar multi day rally back in April /May 2020 on prospects of a commercial deal albeit some of that included a fair amount of covid premium attached.

This agreement actually has some detailed numbers to consider which is the present driving force behind this move.

Always difficult to value in the early stages, but any successful outcome would see a significant re rate upwards and trigger further cash injections plus the prospects of a larger global deal.

GLA

Charts still look incredibly bearish for anything crypto related.

After BTC saw a double top on the charts I thought at that time that I wouldn't be surprised to see $5k BTC levels retested again and I see Gareth Solloway even has $1100 as a possibility on his medium term chart, and he is incredibly bullish longer term.

Need multiple events Imo to take place before we see a sustainable change in the downwards direction of travel in the crypto space.

Fed pivot on rates.
Move from QT to QE
Next BTC halving event
General improvement in economic outlook globally.
Markets being risk on for more than a few sessions at a time.

Until then BTC needs to cycle through the present crypto winter and there will be some crypto related assets, coins and companies that just won't make it through the next 18 months, just like the dot com crash that cleared our all the chancers that were in that space on pure hype.

Unfortunately in the meantime I expect a lot more volatility to the downside.

BTC was trading at the present $19k level back in 2017 and then tanked down to $3k and the macros weren't as bad as what we are presently seeing.

Easy to HODL for those in BTC from 6 or 7 years ago

Not so easy for all the punters who got on board over the past two years and haven't experienced a proper crypto winter.

GLA

@HFB

Mentioned the Trident V111? or the Encos 83? As last time I checked both were presently out of contract and available in the region nearby our licence area so either could be likely candidates for TRP to secure for the drill

GLA

Anyone been keeping a close eye on either rigs Trident V111? or the Encos 83? As suitable candidates in the region to contract upon funding sign off?

It's the 2nd term sheet that is the potential game changer here. Would love to know the full terms of both, all but on the face of information provided that gives trp a fully funded drill (cost 15m) none of which is presently reflected in the market cap.

Long lead items already being procured and funded from the last placing. Plus some surplus cash in the bank.

Starting to look pretty exciting all round.

GLA

Stated back in August (as per post below) that I expected this to be back to 0.3p ahead of news.

All down to JA now!

GLA

PortfolioPower
Posted in: TRP
Posts: 1,384
Price: 0.223
No Opinion
RE: LOTS of interest 22 Aug 2022 13:05
Starting to move now back to 0.3 ahead of news

;-)

Plus add in Dunrobins millions of barrels in the north sea and bullish political stance now both in UK and in TL.

Existing broker note a good yardstick for where we should already be, especially in the present energy market

A resource upgrade to 5-6TCF being worth billions

Expecting to see a revised valuation upgrade

Boil still a long long way to go to realise true potential imo and start to play catch up.

Looking forward too updates on the following for starters.

-Chuditch 3d results.
-Updated broker valuation
-JV deal(s) / Farm in
-new webinar presentation
- Wider media coverage
-Dunrobin 3D results
-Resource upgrades

Happy to hear views on potential valuation here with resource upgrade alone likely to unlock significant value for all shareholders.